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Start Nears for $19M Multifamily Project

HOUSTON-Picerne Development Corp. will build 260 units of affordable housing on a 15-acre tract about a mile north of Loop 610. CharterMac and Related Capital have provided the debt and equity for the project, which delivers in February 2005.

By Jennifer Brenner Andrade | Updated on January 04, 2004

HOUSTON-A $19.4-million multifamily project will break ground in early January in South Houston, where a Florida-based affordable housing developer is planning 260 units for a 15-acre tract.

Picerne Development Corp. of Altamonte Springs, FL secured financing from New York City-based CharterMac and subsidiary Related Capital Co. to build Parkside Point at 3360 Alice St., about one mile north of the southern rim of Loop 610 and in a submarket with a 93.1% occupancy. CharterMac paid $12.2 million for tax-exempt bonds, creating a financing vehicle with a 6.6% interest rate for a two-year construction period and 40-year permanent loan with full amortization. Related Capital put up $6.4 million in equity for annual tax credits of $766,219 for 10 years, according to documents filed with the Texas Department of Housing and Community Affairs.

Kurt Kehoe, Picerne Development vice president, tells GlobeSt.com that the firm has developed nearly 1,300 units in Houston, but will take a “more cautious” approach about further development in the city after Parkside Point is done. He is looking for land, though, in nearby LaPorte, Dickinson and Galveston County near the Gulf of Mexico.

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